Carteret County Tax Revaluation 2010-2011

Here at the Crystal Coast of North Carolina the county commissioners are debating whether or not to proceed with the Carteret County Tax Revaluation 2010-2011.

The last revaluation was in 2006 with the new tax valuations going into effect in 2007. At that time the county commissioners voted to change the revaluation period from 7 years to 4 years making 2010 the year to revalue property and 2011 the year for the new values to become effective.tax value

Recently there have been articles in the newspapers saying that some commissioners don’t want to do the revaluation. That with the state of the real estate market it may be difficult to get a true value.

I am taking this opportunity to weigh in on the tax revaluation for 2010 -2011.

The market is the market. The values are reflected by what one would pay for property in the current market.

 

Yes it is a difficult task to determine values – welcome to my world. I too have to give Comparative Market Analysis reports to buyers and sellers and just because it is a difficult task doesn’t mean I can avoid doing it.

 

Try telling a home buyer or seller what their market value is and then explain to them they will be paying taxes on 2006 values and have no recourse to update their property value to today’s value. Try telling them the county doesn’t want to do the revaluation because some commissioners feel it is too difficult to determine market values. They look at you like you’re nuts. How can it be that difficult. The buyer/seller just paid to have their property appraised and the appraiser came up with a value why can’t the county?

 

In 2006 when the last valuation was done it was difficult to determine values because prices were changing so rapidly. I didn’t hear any commissioners saying let’s not do the revaluation because it would be difficult then. It is always difficult, but it sill needs to be done.

 

I read somewhere that a commissioner used Cannon’s Gate values as an example of the difficulty in getting “true” market values because the lots selling in Cannon’s Gate were selling at foreclosure prices. Yes the lots are selling in Cannon’s Gate at foreclosure prices and quite a few lots. That doesn’t make it difficult to determine the value – that “is” the value… at least for right now.

 

I urge the commissioners not to play ostrich and stick their head in the ground and ignore revaluation. Stand up for revaluation and get values in line with the market today. The next revaluation will be here before you know it and things will adjust again. 

Here is an article from the town of Emerald Isle on tax Revaluation…
Emerald Isle Supports 2011 Tax Revaluation

 

With the full support of the Board of Commissioners, Mayor Art Schools recently sent a letter to the Carteret County Board of Commissioners urging them to proceed with the previously scheduled 2011 tax revaluation.

 

The last tax revaluation occurred in 2007 near the end of a period of significant increases in property values in Emerald Isle and Carteret County. Since that time, property values have decreased and these new values should be reflected in the tax values assigned by Carteret County. There has been some discussion by the County Commissioners about delaying the scheduled 2011 tax revaluation, and the Town (and other municipalities on Bogue Banks) has gone on record in support of the 2011 revaluation in the interest of tax equity and fairness. 

If you are a property owner in Carteret County and want to express your opinion on revaluation to the commissioners follow the link listed next to contact your County Commissioners, visit http://www.carteretcountygov.org/comm_roster.asp .

Kathryn Gorham | Sun-Surf Realty | Emerald Isle North Carolina
2010 President Women’s Council of REALTORS® Crystal Coast Chapter
252.646.4656 cell · 252.354.2958 office
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Copyright © 2009 by Kathryn Gorham, All Rights Reserved. Permission granted to re-blog or re-print with the stipulations that you do not alter the original content and that you provide a link back to this article in the re-blog or re-print. *Carteret County Tax Revaluation 2010-2011*